1. Alcohol. Duh.
2. Used as an intensifying suffix.
3. Used as a suffix on names (see "J-Sauce" above) as either a) an homage, if you're giving the nickname to someone else; or b) a sign of how cocky you are, if giving it to yourself.

1. The same as strong sauce (opposite of weak sauce,and means awesome, cool, etc.), but with the strong omitted. It is often used when someone does not feel like saying weak because they'd rather just save themselves the breath.